Charter One Launches Banking for Medical Practices in Michigan


PROVIDENCE, R.I. — Charter One and its parent company Citizens Financial Group today announced the expansion of its banking for medical practices to Michigan, as well as Ohio and New York — the second such expansion this year following openings in New England and Mid-Atlantic regions.

The specialized banking group serves medical, dental, and eye care practices and professionals and was first introduced in January 2013 in New England and expanded to Pennsylvania, New Jersey, and Delaware earlier this year. The group will assist medical professionals in managing cash and increase cash flow flexibility as well as foster practice growth with short-term working capital and  provide longer-term medical practice financing arrangements for equipment purchases, practice acquisitions, start-ups, renovations, expansion, and more

The expansion announced today also follows the national expansion earlier this year of Citizens Commercial Banking’s Healthcare Finance Group led by managing director Russ Herakovich. While Citizens Commercial Banking’s health care team focuses on the financial needs of large and mid-sized health care companies, the HealthCare Practice group specializes in helping clinical practices meet their financial goals. By having both groups, Charter One and Citizens are able to meet the financial needs of health care businesses from the smallest clinical practices to the largest corporations through lending, cash management, and other products.

Charter One has named Lynn Valade of Novi, with nearly 20 years of financial service experience, as vice president, health care business development officer, covering the Michigan market. She joins the company from PNC where she was vice president of retail business banking. Valade has a bachelor’s in adverting from Michigan State University and a Master in Science Finance in corporate finance from Walsh College.